Cash crunch forces Noida bizmen, entrepreneurs to pay workers in installments
The shortage of cash has forced Noida’s businessmen, entrepreneurs and industrialists to think of different ways to distribute salaries to their workers and employees. They will now start distributing salaries in two or three installments while the small businessmen will give some amount of cash to their employees daily. This will majorly be done for those who don’t have bank accounts.
The owners of various companies, factories, shops and showrooms have decided that the cash coming into their business at the end of the day will not be deposited to the bank instead they will make payments to their employees in the form of Rs 10, Rs 20, Rs 50, Rs 100 notes.
Both the companies and their employees are restricted by cash withdrawal limits on current and savings accounts; moreover, the employees and workers have to take leaves to stand in long queues which affect work in turn as well. The move is likely to relieve entrepreneurs as they will not panic to arrange salaries at the end of the month.
“We have planned to give small amounts of Rs 100 or Rs 200 daily to our workers. It can also be assumed that their salaries are being distributed in the form of daily wages,” said Naresh Kuchhal, district president, Uttar Pradesh Vyapar Mandal.
“The salaries will be distributed in two to three installments which depend on the availability of cash to us. This service will be given to those who don’t have bank accounts. We are also facing problems as the cash withdrawal limits are very less this time,” said Atul Mittal, vice-president, Noida Entrepreneur’s Association.
Meanwhile, the daily waged workers who do not have bank accounts are getting self cheques from the contractors.